Guideline Value for Korre medu

Korre medu guideline value

The current guideline value of Korre Medu is Rs 2,200 per sq.ft, effective from 1 July 2024. This area is located in Poonthamallee village, under the Poonamallee SRO, and is classified as Residential Class II Type - I.

How the guideline value of Korre medu has changed

The guideline value for Korre Medu has seen several revisions over the years. In 2007, the value was Rs 500 per sq.ft, which increased significantly to Rs 2,000 per sq.ft in 2012. However, it then decreased to Rs 1,340 per sq.ft in 2017. The value rose again to Rs 2,000 per sq.ft in 2023, and the current value is Rs 2,200 per sq.ft as of the 2024 revision. Notably, there are no figures available for the years 2002 and 2003 in the register for this street.

Between the revisions, the changes are as follows: from 2007 to 2012, there was a substantial increase of 300%. The value then decreased by 33% from 2012 to 2017. Following this, there was a significant increase of 49% from 2017 to 2023. Finally, the value increased by 10% from 2023 to 2024, resulting in an overall increase of 340% from 2007 to 2024.

Guideline values in Poonthamallee

Poonthamallee village has a total of 257 streets under the Poonamallee SRO, with guideline values ranging from Rs 1,980 to Rs 4,950 per sq.ft. The median guideline value for these streets is Rs 2,200 per sq.ft, which is equal to the current value for Korre Medu.

• Kothandarasamy street: Rs 3,250 per sq.ft (2024)
• K.S.nagar: Rs 2,200 per sq.ft (2024)
• Kulakarai street: Rs 2,200 per sq.ft (2024)
• Keelmanagar: Rs 2,200 per sq.ft (2024)
• Kaveri nagar: Rs 2,200 per sq.ft (2024)
• Kavarai street: Rs 2,200 per sq.ft (2024)

Stamp duty and registration fee for property in Korre medu

For a 1,000 sq.ft plot at the current guideline value of Rs 2,200 per sq.ft, the total guideline value would be Rs 22,00,000. The stamp duty at 7% would amount to Rs 1,54,000, and the registration fee at 2% would be Rs 44,000, bringing the total fees to Rs 1,98,000. It is important to note that the duty is charged on the guideline value or the sale price, whichever is higher. You can use the stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Korre medu?

The Sub Registrar Office that covers Korre Medu is the Poonamallee Sub Registrar Office, located at No.332 U + 9cc Malma Nagar Poonamallee Chennai - 600056. You can find your SRO for more information.

How the guideline value is used when you buy or sell in Poonthamallee

The guideline value is a crucial factor when buying or selling property in Korre Medu and the wider Poonthamallee area. It is used to determine the stamp duty and registration fees that must be paid during the registration process. Buyers and sellers should be aware of the guideline value to ensure compliance with local regulations.

When a property is registered, the guideline value helps to establish a baseline for the transaction. This value is essential for calculating the costs associated with the sale, ensuring that both parties are aware of their financial obligations.

Frequently asked questions

What is the current guideline value of Korre Medu?

The current guideline value of Korre Medu is Rs 2,200 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 500 per sq.ft in 2007 to Rs 2,200 per sq.ft in 2024, showing an overall increase of 340% over these years.

What are the stamp duty and registration fees for properties in Korre Medu?

For a property valued at Rs 22,00,000, the stamp duty would be Rs 1,54,000 and the registration fee would be Rs 44,000, totaling Rs 1,98,000.

Which office handles property registrations in Korre Medu?

The Poonamallee Sub Registrar Office handles property registrations in Korre Medu, located at No.332 U + 9cc Malma Nagar Poonamallee Chennai - 600056.

What is the land classification for Korre Medu?

Korre Medu is classified as Residential Class II Type - I, which indicates its designation for residential use within the local planning framework.